News : Contributions

ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

Some SMSF members are incorrectly being denied the ability to claim a tax deduction for personal contributions due to an ATO procedural error.

read more
Contributions, Superannuation

Keep contributing despite super tax

superannuation contributions earnings tax

Trustees should continue to contribute to their superannuation accounts as not doing so would not be a prudent strategy to adjust to the proposed super earnings tax.

read more
Contributions, Downsizer, SMSF, Strategy

Downsizer delay may be wiser

Downsizer contributions

Trustees should consider saving their ability to use the downsizer contribution and utilise their non-concessional contribution caps first, given recent rule changes.

read more
Contributions, Insurance

Act quickly on injury payment contributions

personal injury contributions

SMSF members must act quickly when using a personal injury settlement payment as a contribution as delays will cause it to breach the non-concessional cap.

read more
Contributions

Reconsider recontribution strategies

recontribution strategies

SMSF trustees and advisers should carefully consider using recontribution strategies to minimise tax burdens as the approach may offer limited benefits.

read more
Contributions

SG rise may fill contribution cap

SG contribution cap

The increase in the superannuation guarantee rate may fill the concessional contribution cap for high-income earners, restricting further contributions.

read more
Contributions

Leave contributions buffer to prevent breach

contributions buffer breach

SMSF members should be aware maximising contributions will create a breach if other monies have entered their fund but not properly recorded.

read more
Contributions, Tax

Timing key to CGT contributions

Small business CGT concessions

Timing constraints are an important factor to consider when SMSF members are looking to make contributions under the small business CGT concessions.

read more
Accounting, Contributions, Superannuation

Lost super can become contribution trap

unclaimed super contribution

SMSF members claiming lost super must consider what it will do to their contribution caps if they pay it back into their fund.

read more
Administration, ATO, Contributions, SMSF

Rounding a contribution trap

contributions rounding

The application of rounding when reporting contributions can inadvertently lead to very tough compliance penalties for SMSF trustees.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.